Nigeria’s Inflation Increase to 19.64%, Highest In 17years

Nigeria’s inflation increased to 19.64% in July 2022, the highest since September 2005, according to the National Bureau of Statistics (NBS).

In a report released on Monday, August 15, NBS stated that Nigeria’s inflation for last month went up from the recorded 18.60 in the previous month of July.

The report read: “On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.”

More so, NBS reported that food inflation went up to 22.02% in the period under review from 20.60% in June.

This rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

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“On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%),” the report adds.

“This decline is attributed to a reduction in the prices of some food items like tubers, maize, garri, and vegetables,” the report added.